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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following is an advantage of saving up for large purchases?

Increasing the total cost due to delayed payment

Reducing your credit score

Avoiding interest charges associated with borrowing

Limiting your ability to budget for future expenses

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Verified step by step guidance

Understand the concept of saving for large purchases: Saving up for large purchases means setting aside money over time to pay for an item in full, rather than borrowing or using credit.

Recognize the financial implications of borrowing: When you borrow money or use credit to make a purchase, you often incur interest charges, which increase the total cost of the item over time.

Compare saving versus borrowing: By saving up and paying in full, you avoid interest charges, which is a financial advantage as it reduces the overall cost of the purchase.

Consider the impact on credit score: Saving up does not negatively affect your credit score, whereas excessive borrowing or failing to repay debts can reduce your credit score.

Evaluate budgeting benefits: Saving for large purchases can help you plan and budget effectively, ensuring you allocate resources for future expenses without financial strain.